Coral Gold Resources Announces $1.5 Million Program for Robertson Project
February 02 2010 - 8:30AM
Marketwired
Coral Gold Resources Ltd. (the "Company") (TSX VENTURE: CLH)(OTCBB:
CLHRF)(BERLIN: BV8)(FRANKFURT: GV8) is pleased to announce that it
has approved the 2010 Work Plan and Budget for the Company's
Robertson gold project at Crescent Valley, Nevada. The US$1.5
million program, aimed at advancing Robertson towards a Preliminary
Economic Assessment Report and production, will focus on upgrading
near-surface oxide resources in the Gold Pan, Altenburg Hill and
Porphyry Deposits to the measured and indicated categories. All
three deposits are located within the property's 100%-owned Core
Claims area. Permit applications are underway, and the company
expects to begin drilling in the second quarter.
The program will consist of three stages:
1. Reverse circulation drilling (22 holes - 3,962m/13,000') to fill in gaps
between the Porphyry and Altenburg Hill zones and also redefine the
high-grade areas at Triplet Gulch;
2. HQ diameter core drilling (30 holes - 3,657m/12,000') to establish
grade, specific gravity (density);
3. Metallurgical testwork to establish leachability for a heap leach mining
operation.
With minimal overburden (0 to 10 metres), the Gold Pan,
Altenburg Hill and Porphyry deposits would be mineable by open pit
operations with low strip ratios. Leach tests were completed on the
Porphyry Zone in the past and indicated favourable recoveries in
the oxide material.
Project and Near-Surface Resources
On October 9, 2009, Coral Gold announced that Beacon Hill
Consultants had recalculated the Robertson Inferred resource, using
a gold price of US$850 per ounce and 0.0106 Au Opt (0.363 g/t
cut-off), of 178,924,188 tons grading 0.0189 oz Au/ton (0.648 g/t),
equating to 3,381,667 ounces. Within this overall resource, the
near-surface inferred resource that will be targeted in this
program totals 87,018,749 tons grading 0.017 oz Au/ton (0.583 g/t),
or a total of 1,505,789 ounces.
Beacon Hill, using a database of 1,160 drill holes, 533,453 feet
(162,638 m) of drilling and 101,757 gold assays, calculated the
original resource (February 2008) using a gold price of $600 per
ounce. Coral Gold's management and Beacon Hill believed the $850
per ounce figure represented a more realistic assessment based on
the rolling average gold price for the preceding three years.
Focused On Moving Towards Production
With the price of gold holding above $1,000, the company is
focused on moving the project towards production rather than
exploration. "We looked at the option of continuing to expand
resources, as we've done over the past several years," said Coral's
President and CEO David Wolfin. "However, we believe the greater
value now lies in upgrading resources and laying the groundwork for
a heap leaching operation."
Previous Feasibility Studies by Amax Gold/MDRI (now AMEC)
Wolfin also noted that feasibility studies conducted by Amax
Gold/MDRI (now AMEC) at Robertson in 1994, when gold was under $400
per ounce, are greatly assisting Coral's work today. "Their bottle
roll and column leach tests in the Porphyry Zone demonstrated the
mineralized material was amenable to heap leaching with improved
gold recoveries at a finer crush size," said Wolfin. "We have a lot
of valuable data from their work, and it is saving us a significant
amount of money with our present studies."
Located on Nevada's Battle Mountain-Cortez Gold Trend in
north-central Nevada, Robertson is Coral Gold's primary asset.
Robertson directly adjoins Barrick's large Pipeline Gold Mine
complex. Infrastructure is in place, power lines run through the
claims, paved roads adjacent to the property and ample skilled
labour is available in the area.
For more information on the Robertson Property and Coral Gold's
other Nevada projects, visit the company's website at
www.coralgold.com.
ON BEHALF OF THE BOARD
David Wolfin, President
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Coral Gold Resources Ltd. David Wolfin President
604.682.3701 604.682.3600 (FAX) info@coralgold.com
www.coralgold.com
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